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European shares led lower by tech, miners in broad risk-off move

MILAN, Dec (Shanghai: 600875.SS - news) 6 (Reuters) - European shares fell sharply in early deals on Wednesday, joining a broader risk-off move with tech stocks falling under renewed pressure and miners hit by a slump in metal markets.

Declines were widespread with all sectors trading in negative territory. The broader market was also weighed down by a 50 percent plunge in Steinhoff.

The furniture retailer said it would launch an investigation into accounting irregularities, its chief executive resigned and it postponed full-year results.

Tech stocks, the biggest sectoral gainer so far this year, fell 1.6 percent, and miners were 1.5 percent lower, helping drag the STOXX 600 down 0.95 percent.

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Investors have been taking profits in the last few weeks following a strong year but in spite of the wobbles the pan-European index remains up 6 percent so far this year.

Other top fallers included UK's Saga (Frankfurt: 2S8.F - news) , down 21 percent to an all-time low after a profit warning, and Hays , down 5.5 percent after a downgrade to "sell" at Deutsche Bank (IOB: 0H7D.IL - news) .

A takeover agreement sent shopping centre operator Intu (Swiss: OXIGTU.SW - news) Properties surging 17 percent. (Reporting by Danilo Masoni; Editing by Georgina Prodhan)